Registration includes contest entry plus 12 months of monthly Entrepreneurship group meetings held at Vernal Innovation Hub.
a. The pitched concept must be the original work of the individual team pitching it.
b. Innovations of existing product are permitted but must be disclosed to the judges.
c. Business ideas and concepts deemed by the judge’s panel to be offensive, immoral, or unethical may be disqualified.
Competitors may only participate in one (1) Business Pitch team and are prohibited from participating or assisting in the research, preparation, development or practice of another team’s Business Pitch.
Each team may select the media it feels will most effectively deliver its message. However, power point or slide presentations are not allowed. Teams may display, share, or show prototypes, samples or posters. Participants are not allowed to handout literature information to judges.
First Place: $12,000.00, plus 1-year Designated Desk Membership at Vernal Innovation Hub. ($1,188.00 value) USU Uintah Basin $1,000 Scholarship, Strata Networks $1,000 (included in cash total) & 1-year FREE gigabit internet. $750 V6 Service Credit.
Second Place: $7,000.00, plus 1-year Monthly Membership at Vernal Innovation Hub. ($588.00 value) USU Uintah Basin $500 Scholarship, Strata Networks $500 (included in cash total) & 6-months FREE gigabit internet. $500 V6 Service Credit.
Third Place: $4,000.00, plus 1-year Monthly Membership at Vernal Innovation Hub. ($588.00 value) USU Uintah Basin $250 Scholarship, Strata Networks $250 (included in cash total) & 3-months FREE gigabit internet. $250 V6 Service Credit.
*Participants must be prepared to articulate use of proceeds towards growing your business upon request*
May 7, 2021 Application deadline.
May 11, 2021. Preliminary Competition held at the Vernal Innovation Hub.
May 13, 2021 Preliminary winners announced, and notified.
May 19, 2021. Final Competition with panel of judges will be at the Rise and Thrive Business Expo held at the Uintah Conference Center.
PITCH COMPETITION RULES:
1. Submissions may be entered as individuals or teams.
2. The maximum number of team members for a single pitch is limited to 5 persons.
3. Each individual or team may enter only one idea or concept.
4. Pitch competitors may participate on only one team.
5. Only the pitching individual or the pitching members of a team may pitch to the panel of judges or answer questions from the judges.
Ideas and concepts pitched must be in the start-up or early stage of development. Anyone who has a startup company, or a great entrepreneurial idea is eligible to pitch to a panel of judges for the purposes of receiving feedback and potential prize money.
Establishment of business is required to be 1 year or less.
Participants are required to be a resident of Uintah County, and all incorporated areas within.
Business establishment is required to be located in Uintah County.
1) Objective: The objective of the pitch is to simply define the idea or concept by explaining a product, service, or value proposition.
2)The Pitch is summary of the idea or concept, i.e. the product or service. Its content is up to the team. Some elements to consider in preparing your pitch include:
a. Description of Product or Service
b. Value Proposition – How will the product or service add value for customers?
c. Target Market Characteristics – Who will buy the product or service? How big is the target market?
d. Differentiation – How is the product or service different from existing products and services?
e. Competitive Advantage - What is the competitive advantage? (patent, algorithm, unique service model, etc.)
f. Revenue Model – How will the product or service generate revenue? (sales, subscription, advertisement, etc.)
g. Revenue Estimate – How long will it take to generate revenue and what sales revenue is expected
h. PowerPoint or slide presentations are not allowed. Contestants may display/share/show prototypes, samples, or posters. Materials may be distributed to the judges (but not to the audience) during the pitch.
3) Time: Three (3) minutes are allocated to each team’s pitch. Three (3) minutes are allocated to Q & A with the judges. In total, each individual or team pitching will have six (6) minutes maximum; three (3) minutes to pitch the idea or concept and three (3) minutes to answer questions from judges and get valuable feedback. Time will begin when the presenter begins to speak.
4) Confidentiality: Confidentiality is not guaranteed in any way. Do not include confidential material in your submissions. Rise and Thrive Competition accept no responsibility for preventing other competitors, audience members, or judges, sponsors or others who see or hear a pitch competitor’s idea or materials from sharing the idea and/or materials. Nondisclosure Agreements (NDAs) and Covenants Not to Compete between a competitor, Vernal Innovation Hub, Rise and Thrive Expo, judges and/or audience members are not permitted. Sharing your idea or concept may be deemed a public disclosure. It is the responsibility of applicants to consult with an attorney before entering the competition. Vernal Innovation Hub and Rise and Thrive Expo are not responsible for any confidentiality issues that may occur during the course of, or as a consequence of, the competition. Pitch Competition competitors agree that Vernal Innovation Hub/Rise and Thrive Expo incurs no liability from disputes arising therefrom.
5) Reproduction: Vernal Innovation Hub/Rise and Thrive Expo Competition Organizers may take photographs and/or video of any materials used or made available by pitching individuals or teams during the competition for public relations purposes. Any content presented by a competitor should be considered public information disclosure. Competitors should carefully consider excluding any proprietary information or materials that the competitor feels is at risk of disclosure.
6) Prize Money: Prize money will be awarded and allocated in equal shares to each individual member of the winning team within 30 days. The individual recipients of prize money will be responsible for the tax implications of their winnings and required to provide a W9 form. Rise and Thrive Competition prize money payments may be considered by the Internal Revenue Service as ordinary income to the individual(s) or team members receiving the prize money. Prize money must be used toward development and growth of your business idea/plan.
* It is important to understand any one participating in the pitch is considered a team participant and will be awarded equal shares of prize money. *